help-debt!

cattie1

hi i'm new to this site and wondered if anyone had any tips- i am currently in debt-due to high rate credit cards and store cards which i got before i got pregnant! i bought insurance for all of them but unfortunately i became extremely ill with pre-eclampsia and was taken out of work-when i asked to claim on the insurance i was told i was not allowed because it was self induced! (obv i wanted to get pregnant so me and my baby could risk our lives!!!!!!!!!!!!!!!!! )
the only thing they could do for me was to go on repayment plans, because of this my credit rating is "very poor" my bank refuse to give me a loan and i cant change credit cards,i also went to citizens advice who weren't very helpful and don't want to go to a debt company as we eventuallu want to get a mortgage, i am in full time work and paying £500 in credit bills (the rest goes on rent and utility bills) if i could get a loan i could pay off all my debt and pay £130 a month instead of £400, meaning i could save and me and my family could go on our first holiday! any tips would be greatly appreciated.

finnerty

Hello cattie...

firstly don't worry you have came to the right Website for help with nearly all your problems but This is the wrong board for help with this problem http://forums.moneysavingexpert.com/forumdisplay.html?f=76 <--Debt free wannabee is where you will get guidance and help, just repost your questions on that forum and someone will be along to help you

also visit the freebies pigsback thread http://forums.moneysavingexpert.com/showthread.html?t=234646 join up to a few email newsletters and a few advertising clicks to earn points and exchange them for bootsvouchers, days out or shopping vouchers

cattie1 wrote:

hi i'm new to this site and wondered if anyone had any tips- i am currently in debt-due to high rate credit cards and store cards which i got before i got pregnant! i bought insurance for all of them but unfortunately i became extremely ill with pre-eclampsia and was taken out of work-when i asked to claim on the insurance i was told i was not allowed because it was self induced! (obv i wanted to get pregnant so me and my baby could risk our lives!!!!!!!!!!!!!!!!! )
the only thing they could do for me was to go on repayment plans, because of this my credit rating is "very poor" my bank refuse to give me a loan and i cant change credit cards,i also went to citizens advice who weren't very helpful and don't want to go to a debt company as we eventuallu want to get a mortgage, i am in full time work and paying £500 in credit bills (the rest goes on rent and utility bills) if i could get a loan i could pay off all my debt and pay £130 a month instead of £400, meaning i could save and me and my family could go on our first holiday! any tips would be greatly appreciated.

overbudget

Hi Cattie

Welcome. First suggestion is to work out your SOA (statement of affairs) - income and outgoings (see http://forums.moneysavingexpert.com/showthread.html?t=107280 for how to do it) - then we can make some suggestions to help you work on your debt.

Please don't be tempted to take out a loan to cover it - it won't get you out of debt - it just lulls you into a false sense of security. If you reduce your payments through consolidation your debt will still be there and you'll pay far more interest in the long run (believe me I have done the consolidation loans route - it doesn't get you out of debt!).

I'm sure there will be plenty of suggestions if you post your SOA. Good luck